Rally

2024

Bitcoin

Captain

<p>The post <a href="https://coinpedia.org/news/bitcoin-price-at-risk-of-dropping-to-60k-what-to-expect-next/">Bitcoin Price At Risk of Dropping To $60K – What to Expect Next</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Bitcoin Bull Rally appears to be losing steam as Bitcoin (BTC) plunges to $66,699, marking an 8.2% drop in the last 24 hours. However, the cryptocurrency quickly bounced back <a href="https://markets.coinpedia.org/bitcoin/">above $67,730</a>, maintaining a market cap of $1.322 trillion.&nbsp;</p> 
<p>Amidst this volatility, over $680 million in assets have been liquidated. Experts foresee more price drops ahead, with predictions of Bitcoin plummeting to the $60k price level possibly before the Halving Rally.</p> 
<h2 class="wp-block-heading" id="h-680-million-aassets-liquidated">$680 Million Aassets Liquidated</h2> 
<p>The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price</a> drop has prompted a significant liquidation event across the entire network, as <a href="https://www.coinglass.com/LiquidationData">reported by Coinglass</a>. Over the last 24 hours, a staggering $680 million worth of assets have been liquidated, with a substantial portion of $545 million originating from long orders while $134.6 million in shorts has been liquidated.&nbsp;</p> 
<p>This widespread liquidation has affected a total of 193,270 individuals within the cryptocurrency community. However, one of the most significant liquidation orders occurred on the OKX – BTC -USDT-SWAP platform, amounting to a substantial $13.3 million.</p> 
<h2 class="wp-block-heading" id="h-btc-price-dip-ahead">BTC Price Dip Ahead</h2> 
<p>Renowned crypto analyst Captain Faibik recently warned investors about Bitcoin’s short-term direction, particularly on the 2-hour timeframe. He highlighted a confirmed Rising Wedge Downside Breakout, suggesting a likely drop in Bitcoin’s price.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Correction before the Halving Rally..<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/SwkuLma8Vq">https://t.co/SwkuLma8Vq</a> <a href="https://t.co/Ul3xmArag7">pic.twitter.com/Ul3xmArag7</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1768484939287130419?ref_src=twsrc%5Etfw">March 15, 2024</a>
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<p>Additionally, Faibik predicts this drop might lead Bitcoin’s price to test the $60k level before rebounding. This suggests an imminent correction in the market, possibly before the Halving Rally.</p> 
<p>Supporting Faibik’s analysis is the MVRV (Market Value to Realized Value) indicator, commonly used to predict Bitcoin’s price movements. Presently, the indicator signals a potential test of the 2.4 MVRV level, approximately $60k. This strengthens the expectation of an upcoming <a href="https://coinpedia.org/news/bitcoin-to-altcoins-why-crypto-whales-are-betting-big-on-these-altcoins-now/">correction in Bitcoin’s price</a>.</p> 
<h2 class="wp-block-heading" id="h-bearish-cloud-on-bitcoin">Bearish Cloud on Bitcoin</h2> 
<p>Another crypto analyst, CrediBULL Crypto, shares a bearish outlook on Bitcoin. He highlights the absence of expected price increases in the current market. Despite recent drops reducing Open Interest (OI), CrediBULL Crypto predicts more downward movement before a “baseline.”&nbsp;</p> 
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   <p lang="en" dir="ltr">Didn't get that push higher and instead it looks like this is the drop we've been looking for playing out now. <br><br>Note that this recent drop has wiped most of our built up OI- but we still have a bit more room to go before hitting the "baseline" so we could go lower to the green… <a href="https://t.co/KSoPGIqGiL">https://t.co/KSoPGIqGiL</a> <a href="https://t.co/GDF4PydxqJ">pic.twitter.com/GDF4PydxqJ</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1768488455288541374?ref_src=twsrc%5Etfw">March 15, 2024</a>
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<p>Meanwhile, analysts further pinpoint a support level near $63,000 to $64,000, dubbed the “green zone,” where a rebound may occur alongside OI reduction.</p>

Bitcoin Price At Risk of Dropping To $60K – What to Expect Next

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